Q3 2025 showed continued stability in industrial leasing volumes, reaching 645,700 sq. ft., a 3% increase from Q2. The number of deals also grew, rising 54% quarter-over-quarter.

While these quarterly results are encouraging, the sector continues to operate from a lower baseline. Year-to-date 2025 volumes remain 15% below the ten-year average for the same period, and deal count is down 20%. However, signs of recovery are emerging, with volumes up 108% year-to-date compared to 2024, indicating the market is gaining momentum as it navigates through a period of heightened uncertainty.

Supply is expected to remain constrained in the near future, with a limited development pipeline primarily consisting of pre-let or built-to-specification projects. At the end of September, there was over 1 million sq.ft. marked as reserved and many in advanced stage negotiations. If current trends continue, the market will likely surpass 2.5 million sq.ft. by the end of 2025.